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Mortgage Market Update
Kelly King
Kelly King
Thursday, October 22, 2026
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How much equity do you have right now? |
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This week we're focusing on something that grows quietly in the background of homeownership: equity. If you've been making payments for a while, you may have more than you realize.
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National Mortgage Rates · October 20, 2026
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Conventional 30-Year
7.33%
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Source: Optimal Blue daily mortgage indices via FRED
Rates shown are national mortgage index rates and are provided for informational purposes only. Actual rates vary based on credit profile, loan amount, and market conditions. Please contact us for a personalized rate quote.
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Equity Building
Your home's equity is probably higher than you think
Every mortgage payment you make builds equity—that's the portion of your home's value that you own outright. As you pay down your loan balance and your home appreciates, that equity grows. It's one of the most powerful wealth-building tools available to everyday homeowners. Many people don't realize how much equity they've accumulated, especially if they've been in their home for several years. That equity can open doors down the road—whether you want to tap into it for a major project, refinance into better terms, or make a strategic move. If you're curious about where you stand, I'd be happy to give your situation a fresh look. Let's talk about how much equity you've built and what options that might create for you.
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Tip of the Week
Test your sump pump before the rainy season by pouring water into the pit — a failed pump can lead to serious basement flooding.
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Tips for Homeowners
Rate Lock Strategy: When and How Long to Lock
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1.
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A rate lock guarantees your interest rate for a set period — typically 30, 45, or 60 days. Longer locks cost more but protect you if the process takes longer than expected.
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2.
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Lock when you're under contract and confident the deal will close. Don't lock before you have a signed purchase agreement — you're paying for protection you may not need.
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3.
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If rates drop after you lock, ask your lender about a float-down option. Some lenders offer this for a fee, allowing you to take advantage of a lower rate if the market moves in your favor.
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Have questions about how any of this affects your mortgage or home purchase? We're here to help — reach out to the Kelly King team any time and we'll walk you through your options. |
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